Priority notices will be introduced in Victoria in December 2016 and Land Victoria is currently developing a comprehensive guide for customers about the use of priority notices. The following information is an introduction.
A priority notice is notification of an intended dealing or dealings with land, which is lodged with the Registrar of Titles at Land Victoria. Once recorded, a priority notice will temporarily prevent registration of any other dealing over the cited folio. A priority notice will not prevent recording of an instrument that does not require a supporting Certificate of Title (for example caveats, warrants and land tax charges).
A priority notice can apply to all instrument types and will:
To have effect, the information in the priority notice must be accurate and complete.
Amendments or corrections to lodged priority notices will not be permitted. If necessary, the priority notice can be withdrawn and a new priority notice lodged in its place.
When the intended instrument or transaction is lodged, it must match the details contained in the priority notice; otherwise, the intended instrument or transaction will not be registered or recorded.
All instruments cited in the priority notice must belong to the same transaction and be set out in order of lodgement. There will be neither provision in the priority notice to cite particular instruments to which the applicant consents, nor a mechanism for the applicant to provide consent to subsequent instruments.
Priority notices must be lodged using an Electronic Lodgement Network (ELN), irrespective of whether the intended instrument or transaction will be lodged in paper or electronically.
A subscriber to an ELN can lodge on behalf of a registered proprietor or any incoming party.
Priority notices will be effective for 60 calendar days from the day after the date of lodgement.
A priority notice: